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As a business owner, you should be well aware that workers compensation is a state-regulated insurance program that provides covered employees with income and medical benefits for times when they sustain an injury or illness that is work-related. Private employers can make the choice as to whether to provide a workers compensation policy in Texas or not. Keep in mind that this is coverage that makes it easier to hire and retain good employees.
Circumstances surrounding any injury will dictate whether an injury will be covered. For example, workers are not covered if their injury was as a result of horseplay, willful criminal acts or self-injury. In addition, intoxication due to the use of drugs or alcohol, voluntary participation in an off-duty recreational activity, or a third party’s criminal act (if directed against the employee) for personal reasons unrelated to the work, or acts of God are not covered events.
The claims process
Injured workers must file injury reports within thirty days of the accident, and must appeal the first impairment rating within 90 days of its issuance. They must also file the formal paperwork for the workers’ comp claim within one year of the injury. If the work-related nature of the injury or illness was not immediately apparent, those deadlines run from the date on which the employee should have known the problem was work-related.
To aid with the rehabilitation process, the law places a heavy emphasis on return-to-work programs, since studies show that recovery is faster and much more efficient when an employee, once healthy enough, is given some type of useful work to do by the company. The laws do state that an employee’s refusal of suitable light-duty work can put a stop to the payment of workers’ compensation benefits.
If you should decide to discontinue your workers’ compensation coverage, you must inform employees and the Workers’ Compensation Division of the Texas Department of Insurance as soon as possible, using applicable state form DWC005. Protecting your workers is a no-brainer. A best business practice is to provide a workers compensation policy in Texas to create a happier work environment.
Many businesses rent rather than own their office or warehouse spaces. While the owners of that property may have some insurance, it is important that leaseholders also procure their own Orlando commercial rental property insurance.
Renters insurance can provide many of the same benefits as property insurance. It protects against damages incurred through a covered cause of loss such as vandalism, theft or fire. These policies not only safeguard buildings, but can also cover loss of inventory, equipment, and some personal belongings.
While it may be possible to easily obtain a new leased storefront, it could be difficult to operate a brick and mortar business without supplies, furniture, and salable items. A sufficient insurance policy geared towards business rental properties can often help a company recoup the costs associated with covered damages. An organization without the proper coverage may find it difficult to maintain its daily operations as it will have to cover any restocking and construction costs through its own funds.
A business owner who rents a working space should never assume that the owner of the property has sufficient insurance to cover unexpected circumstances. Doing so could be financially detrimental as it is possible that an owners policy only covers damage to the physical space. An Orlando commercial rental property insurance policy may help cover any holes left open by the property owners insurance policy.
Staffing agencies face unique challenges due to the nature of their business. If youre in the staffing industry, its important to understand the different types of liability you are exposed to and why having insurance is critical to your business’s success. Without staff insurance, you could be in financial risk from multiple directions.
Types of Exposure
There are three primary types of exposure staff insurance may help with. The first type of exposure occurs when the agency:
- is unable to provide staff for their client
- provides an unqualified worker
- doesn’t perform the appropriate level of screening
The second type of exposure is for work performed by a contract worker that results in a mistake and subsequent financial loss for the client. Since the contract worker technically works for the staffing agency, the agency may be liable.
The third type is for professional services provided. Professional services can include managing employee benefits, payroll and workers compensation, or recruiting. The staffing agency may be liable for any mistakes made while providing these services.
Protecting Your Business
As you can see, the risks of providing staff and services to third parties carries a lot of risk. Thats why its so important to make sure you have adequate staff insurance from a provider that understands the unique business needs of the staffing industry.